TOP Ships Inc. Announces Sale of the M/V ASTRALE
07 July 2011 - 7:30AM
TOP Ships Inc. (Nasdaq:TOPSD), an international maritime shipping
company that provides transportation services for crude oil,
petroleum products, and dry bulk commodities, announced today that
it has entered into an agreement to sell the M/V ASTRALE, a 75,933
dwt Panamax drybulk vessel built in 2000. The vessel is
expected to be delivered to its new owners by mid August 2011. The
sale of the M/V ASTRALE will result in a book loss of approximately
$40 million which will be recognized in the second quarter of 2011.
About TOP Ships Inc.
TOP Ships Inc. is an international maritime shipping company
that provides transportation services for crude oil, petroleum
products, and dry bulk commodities.
For more information about TOP Ships Inc., visit its
website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential,"
"may," "should," "expect" "pending" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and vessel
values, failure of a seller to deliver one or more vessels or of a
buyer to accept delivery of one or more vessels, inability to
procure acquisition financing, default by one or more charterers of
our ships, changes in the demand for crude oil and petroleum
products, changes in demand for dry bulk shipping capacity, changes
in our operating expenses, including bunker prices, drydocking and
insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see
our filings with the Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties.
CONTACT: Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
1, Vassilissis Sofias Str. &
Meg. Alexandrou Str.
151 24, Maroussi, Greece
Tel: +30 210 812 8180
Email: atsirikos@topships.org
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